Boat Lifestyle, a consumer tech products maker, plans to double the top-line by FY24 to Rs 1,000 crore (US$ 141.86 million) on the back of strong demand for products like audio devices and accessories in the country. The company registered gross revenue of over Rs 500 crore (US$ 70.93 million) in FY2019-20.
"We had a target of Rs 500 crore (US$ 70.93 million) revenue in FY21-22, we have already crossed that, we had an outstanding year in FY20. We have grown 2.5X from the previous year...Since inception, our financial performance has been strong and have been EBITDA positive," said Boat Lifestyle co-founder Mr Aman Gupta.
He added that the company has a sustainable approach to growth, is not burning money like many start-ups and "FY23-24 is where we should do Rs 1,000 crore (US$ 141.86 million) revenue".
The company was started in 2016 and has raised venture debt from Flipkart co-founder Sachin Bansal's BAC Acquisitions, InnoVen Capital and equity from Fireside Ventures till date.
Boat Lifestyle has a portfolio in products such as headphones, earphones, speakers, travel chargers and premium cables. In July 2020, it entered in wearable segment with the launch of its smart band.
The company has created a community of over 2 million 'boAtheads' (consumers) and sells between 14,000-15,000 units a day.
During the COVID-19 pandemic, company saw a 20 per cent surge in demand for its products.
"There was a pent-up demand we saw because of work from home (WFH), workout from home and study from home. We are witnessing a strong uptake month-on-month as we continue to expand our portfolio," he said.
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